• Images
  • Text
  • Find a Couple + Registry
GO
July 2013 Weddings

Cringe Worthy Deposits: How are you saving?

One thing I swear by...in my community, they have this thing called a "cesta" or a "lending circle." It's a loan, technically, but it's to benefit the community by helping people save and build credit. I got into it by teaching a credit class to low-income families. What it is, is that everyone puts $100 into the "pot" once a month, and once a month one person gets it. It's reported to the credit agencies as a loan you're paying off, so it helps your credit, and you can choose a month to get it when you know you're going to need extra money. I didn't have a specific month, so I'm getting it this month... good timing! It'll be nice to throw an extra chunk of change into my savings while I'm spending half of it on deposits! Check and see if they have one in your community... I'm going to sign up for another one and try to time it for June of next year :)

I also opened an online savings account with high interest at Sallie Mae, so it's really hard to touch it and I just have a specific amount of my paycheck go into it every two weeks.

What other tips do you guys have for saving extra money for the wedding?
Image and video hosting by TinyPic Wedding Countdown Ticker Follow Me on Pinterest

Re: Cringe Worthy Deposits: How are you saving?

  • i throw all my change $1 and $5 bills into a coffee can. 
  • edited October 2012
    I'm trying to get better at saving! FI and I aren't paying for the wedding ourselves, but we've been working to save $50 a month from our paychecks each so we have something to tide us over while I find a full time job after finishing my coursework. I've never been a good saver, so I'm trying something new where I can't buy anything until I consider it for two days, to curb impulse buys!
  • We've had a wedding jar we throw about 300 each in a month...at least we used to. Now we're lucky if we can both put 100 away. Ive also had an ING Orange high interest savings account for years thats just been sitting with nothing in it so I restarted auto depositing a few months ago...and its been going fairly well. Oh anf Fi and I have those small coin counters thats full to the tippy top and needs emptying lol Overall I think we're doing "ok".
    Daisypath Anniversary tickers

    Follow Me on Pinterest
  • I don't really have any great tips, but shortly after we got engaged, FI and I committed to putting $150 each (or $300 total) into a credit union account each month for the wedding. Neither of us have a steady paycheck (due to my status as an independent contractor and his having suffered an injury on the job) but so far, there has only been one month where we weren't able to meet our $300 goal. We are paying about 60-70% of the wedding expenses ourselves.
    Wedding Countdown Ticker
  • keyaira04keyaira04 member
    Sixth Anniversary 1000 Comments 5 Love Its Name Dropper
    edited October 2012
    Evertime I get coins, I save everything but .25 (need to wash!). I plan to use it for some last min decor. I have $16 saved thus far.

    I have been putting small amount into my ING account. At first it was $60 per check, then moved to $250 a check. I plan to make it higher as we move into the new year. With this money, I let it sit in my ING until its time to make a required by contract deposit/payment. Unitl then, I will it  let it grow interest. I know it wont be alot of money to earn, but maybe a few dollars. But this method helped me have the unprepared for room deposit for our venue.

    Daisypath Wedding tickers LilySlim Fitness goals tickers
  • Since we've been engaged I've been trying to be more frugal, but now that we're less than a year out it kind of hit us last weekend that we need to step it up as far as savings.  Our photog was really nice and let us do a payment plan for the 40% deposit, and we have our last payment November 1st yay! We also put a deposit on our DJ which wasn't bad at all. 

    So basically we made a budget this past weekend of everything we have left to pay for, and for things we're unsure about we used a higher estimate so we're not screwed later.  So we then just figured out how much we have to save each month to cover everything we are responsible for.  I've been saving using an ING account but because of the photog payments and the deposit on my dress, I don't have much in there! So now it's time to really buckle down.  In addition to what we need to save each month, I'm throwing any extra money I have in there out of my discretionary spending money.  We've cut back on eating out (only allowing ourselves one night a week to dine out) and in general are just trying to be budget conscious.  It's stressful...
    image
  • FH is WAY better at saving than I am, but we put money away each month (I am embarassed to say I don't know how much :/) and don't touch it unless we need to make a wedding payment. We have about 8K of our 15K budget saved and our parents should be contributing $3k each, so we already have nearly enough saved, but we'll keep adding because I'm sure we're bound to go over somewhere. 

  • We dont have a savings. i have envelopes in a safe that we add to for each thing. We save about $300 a month now. Once Christmas is over I will add another $150. I am also paying off a bill that will be paid in full in Feb, so after that I will add another $157 a month. So, from feb on we will save $600 a month for the wedding. Then we will use most of my income tax refund for the rest. We dont eat out much anymore and we shop at the cheapest store around for groceries. We also bought a bunch of meat to fill the deep freeze that will last a few months so the grocery bill is way low. Plus any change we have we put in a jar. Also, when we use coupons, whatever we save by using them we put in the jar as well. So, hopefully we will be fine. Oh, and for my dress i am saving my reimbursment checks from work. When I go dress shopping, whatever I have from those is my budget. I will also use those checks for alterations and acccessories.

    Wedding Countdown Ticker

    151 invitedimage [ Invited]
     78 attendingimage [ Said Yes!]
     73 declinedimage [ Are Party Poopers]
     0 unknownimage [ Can't Find the Mailbox]
    RSVP June 19

  • Pay cash, as much as possible. I got $600 off my dress for paying cash in full.

    Otherwise, I have no other financial tips. I'm a hoarder of my money and don't like to spend it.
    Wedding Countdown Ticker image

    Training to be the next companion.

  • We each have been putting $300 a month in a joint wedding savings account. I get paid bi-weekly so each check I have an auto-transer of $150, and since he gets paid weekly he has one for $75. 

    It was working pretty well until we decided to pay off the credit card we used for our Vegas trip in August and an unexpected vet expense when our kitty suddenly got ill and passed back in July. 

    Setting up an auto transfer each paycheck helps keep you on track! The key is not touching it for ANYTHING else! lol

    Wedding Countdown Ticker BabyFruit Ticker photo boygirl_zps7b73636b.jpg
This discussion has been closed.
Choose Another Board
Search Boards